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Supply crunch and rising demand push up oil prices
U.S. consumers feel the biggest impact because of the falling greenback.
Nine of the past 10 serious downturns in the world economy followed a spike in the price of oil, and we are heading for another spike, with oil back up near the peak of $78.40 a barrel that it reached almost exactly a year ago. [...]
Utah, Colorado rival OPEC oil reserves, lure Chevron, Exxon, Shell
Colorado and Utah have as much oil as Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya, Angola, Algeria, Indonesia, Qatar and the United Arab Emirates combined.
That’s not science fiction, according to Bloomberg News. Trapped in limestone up to 200 feet (61 meters) thick in the two Rocky Mountain states is enough so-called shale oil to [...]
Gold Heads for First Weekly Drop in Three as Crude Oil Declines
Gold headed for its first weekly drop in three as crude oil fell, curbing demand for the precious metal as an inflation hedge.
Gold has declined more than 20 percent from the 26-year high it reached in May as energy prices tumbled on an increase in inventory. Crude oil, gasoline, heating oil, diesel and natural gas [...]
